02/20/2001
The Exchange has also made related, conforming amendments to NYMEX Rules 6.43A ("Broker Association Registration Requirements"); 6.44 ("Registration for Billing of Floor and NYMEX ACCESS® Brokerage") and 8.66 ("Billing and Commissions").
The new Resolution and the amendments to the NYMEX rules shall become effective on Wednesday, February 21, 2001.
Please be advised that before a COMEX Member can exercise these trading privileges, the COMEX Member must first comply with the applicable requirements for NYMEX Division Floor Members, including training for trading on the NYMEX floor and obtaining a guarantee from a NYMEX Clearing Member.
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RESOLUTION OF THE BOARD OF DIRECTORS TO CONFER ADDITIONAL TRADING PRIVILEGES TO COMEX MEMBERS FOR PLATINUM, PALLADIUM AND PROPANE
RESOLVED that the COMEX Division Members (owners and those members who hold a membership pursuant to an A-B-C Agreement) shall be conferred the privilege to trade Platinum Futures, Palladium Futures, Liquefied Propane Gas Futures and Platinum Options for customers in the Platinum ring by open-outcry; and
IT IS FURTHER RESOLVED that this trading privilege is revocable upon 90 days notice by further act of the Board of Directors in its sole discretion.
NYMEX AMENDMENTS TO NYMEX RULE 6.43A
(Asterisks indicate additions; brackets indicate deletions)
Rule 6.43A BROKER ASSOCIATION REGISTRATION REQUIREMENTS
(A) The term "broker association" shall mean two or more Trading Members at least one of whom is actin as a Floor broker, who: i) engage in floor brokerage activity on behalf of the same employer; ii) have an employer relationship which relates to floor brokerage activity; iii) share profits and losses associated with their floor brokerage or trading activity; iv) are officers, directors and/or ten percent (10%) shareholders of the same corporation which relates to floor brokerage activity; or v) regularly share a deck of orders. ** For the purposes of this rule only the terms "Floor Broker" and "Trading Member" shall include COMEX Members who have NYMEX Division trading privileges. **
[The balance of the rule remains the same.]
Rule 6.44 REGISTRATION FOR BILLING OF FLOOR AND NYMEX ACCESS® BROKERAGE
Member Firms and Floor Members engaged personally in floor brokerage or operating brokerage businesses on the Exchange floor are required to register with the Membership Department, their names and the names of the entities under which brokerage will be billed, and the names of all persons having ownership interests in such entities, including the percentage of their ownership interests, and to provide upon request any supporting information requested by the Membership Department or the Compliance Department. ** For the purposes of this rule the terms "Member", "Member Firm" and "Floor Member" shall include COMEX Members who have NYMEX Division trading privileges. **
[The balance of the rule remains the same.]
Rule 8.66 BILLING AND COMMISSIONS
(A) Any bill for services rendered on the trading floor or on NYMEX ACESS® shall be issues in the name of, and as payable to a Member or Member Firm. ** For the purposes of this rule the terms "Member" and "Member Firm" shall include COMEX Members who have NYMEX Division trading privileges. **
[The balance of the rule remains the same.]